LV company selling Texas gambling ship interest

Friday, Dec. 15, 2000 | 10:48 a.m.

A Las Vegas gaming development company said it agreed to sell its ownership interests in a casino cruise ship to a managing partner for $6.25 million in order to develop its business in Mexico.

Marty Gross, president of Viva Gaming & Resorts, which owned 40 percent of the Texas Treasure Casino Cruise Ship Project, described the deal as an "internal buyout," within the Viva Gaming group but declined to reveal the identity of the buyer.

Under the deal, the buyer would assume up to $4.3 million in Viva Gaming's short-term, contingent and direct long-term debt. The deal also includes total cash payments of $1.5 million over a 15-month period and a reduction of $450,000 in corporate expenses on an annual basis.

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